Please read the following program summaries to determine which program options may be best suited for your particular circumstances. If you are experiencing difficulties making your mortgage payments, you are encouraged to contact your lender or loan servicer directly to inquire about foreclosure prevention options that are available. If you are experiencing difficulty communicating with your mortgage lender or servicer about your need for mortgage relief, there are organizations that can help by contacting lenders and servicers on your behalf.
Department of Housing and Urban Development HUD , is working aggressively to halt and reverse the losses represented by foreclosure. Through its National Servicing Center NSC , FHA offers a number of various loss mitigation programs and informational resources to assist FHA-insured homeowners and home equity conversion mortgage HECM borrowers facing financial hardship or unemployment and whose mortgage is either in default or at risk of default.
Servicers are adding staff to handle the expected deluge of calls. Bank of America, for instance, just boosted its servicing staff by 1, people. JPMorgan Chase, which said it "strongly supports" the president's plan, will need a few weeks to get the program up and running, a spokesman said.
Officials warned borrowers - many of whom have complained of long waits and unresponsive staff at servicers - to be patient. Until then, they can find out whether they meet the basic criteria and can start gathering the financial documents they'll need to give their servicer. Special Report First Days. See all CNNMoney. Where does your state rank?
Deficit: Just too damn big. Quick Vote. Yes, prices are low enough to buy. Obama to test home loan do-overs Housing fix's bankruptcy plan under fire Housing fix leans on troubled firms Obama: Aid 9 million homeowners Poll: Majority says plan is unfair. They're hiring! If the Fortune were a country Sponsored By:. Amazon drops California associates to avoid Foreclosure is a process most lenders would like to avoid. There may be options available to you, and the earlier you see a housing counselor, the broader the range of those options.
Your HUD-Certified housing counselor can help you navigate the foreclosure process by opening up the lines of communication, and may be able to request additional time to review your situation and negotiate a resolution. Depending on your situation, you may be able to retain your home or reach an alternative solution that preserves your future credit standing.
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